Companies that opt into the VAT split payment mechanism as of October 1 this year can open a VAT account at Banca Transilvania for receiving and paying value-added tax. BT is applying the provisions of Government Ordinance 23/2017 on the split payment of VAT, optional from October 1 this year and mandatory from January 1, 2018.

To support entrepreneurs, BT will absorb as much as possible of the costs generated by the new account structure, so that terms for clients are as advantageous as possible. Opening and maintaining VAT accounts, electronic payments and collections are offered free of charge by Banca Transilvania, except for fees charged by NBR and Transfond.

Legal entities and individuals who pay value-added tax and supply taxable goods or services in Romania will need to have a VAT account. This is an additional bank account, opened in RON and, if needed, in foreign currency, into which clients will receive VAT amounts for the goods and services sold. Another particularity is that no cash can be withdrawn from VAT accounts.

BT’s fee waivers for entrepreneurs for the VAT account cover:

• Opening and maintenance of the VAT account
• Intrabank incoming payments (BT to BT) by payment order
• Intrabank collections and payments by debit instruments (BT to BT)
• Interbank incoming payments by payment order (from another bank to BT)
• Intrabank payments made via electronic channels (BT to BT)
• Interbank collections and payments by debit instruments; in this case only the Transfond fee applies
• Interbank payments via electronic channels; only NBR/Transfond fees apply
• Cash deposits made by authorised representatives

For intrabank payments made over the counter (BT to BT), no BT fees will be charged until December 31, 2017. For interbank payments made over the counter (from BT to another bank), until December 31, 2017, no BT fees will be charged, only NBR/Transfond fees.

By exception, for payment of one’s own VAT — including customs VAT — to the State Budget, whether over the counter or electronically, the payment will be charged according to BT’s current fees.

Customers who benefit from the Unlimited in the BT Network Package — with or without add-ons — will be able to open VAT accounts at Banca Transilvania, and the only fees will be those charged by NBR/Transfond. The related transactions will not count against the number of transactions included in the BT customer’s add-on.